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Portland State University and Wells Fargo have teamed up on an effort to boost the flow of cleantech ideas.

The school and the bank are enlisting students to participating in the PSU-Wells Fargo Cleantech Challenge, which will provide $50,000 university innovation teams bring their ideas to market.

The Cleantech Challenge will gather submissions from PSU teams working on products, processes or services that positively affect the environment. The ideas can, for instance, include green consumer products and high-tech manufacturing improvements.

Deadline for entries is May 10. Six semi-finalists, who'll receive $5,000 development grants to move their concepts into the prototype stage, will be announced in late May.

The final winner, which will be announced at the Oregon BEST FEST in September, will receive $25,000 and the chance to meet with potential investors. The winner will also receive membership in PSU's Business Accelerator.

“This competition provides an opportunity for students to not only showcase their innovative ideas, but, thanks to Wells Fargo, it will also give them the seed money to develop them into real world products to solve real world problems,” said PSU President Wim Wiewel in a statement.

Don Pearson, Wells Fargo's Portland-based regional president, said the lender feels it "can influence positive change by strengthening our environmental leadership and by partnering with PSU on this great project.”